In other economic news, the Bureau of Labor Statistics reports that wholesale prices jumped 0.7 percent in February. Behind the rise: A 7.2 percent spike in gasoline prices. Excluding food and energy costs, prices were up a more modest 0.2 percent.

Bloomberg News notes that since February, the surge in energy costs has eased. And it adds that "the pickup in wholesale costs is unlikely to be sustained as weak global markets in places such as Europe restrain demand for commodities."